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Thursday, August 10, 2006

I could not get in the "zone" today (hey, it happens) - I had a few small base hits, and a few break-even trades. I did have a decent trade that occurred late in the day, and since I always get requests for trades "later" in the day I thought I would post the chart.

VIA.B broke above the Fibonacci extension of the previous day's low to the opening range (OR) high after 1:00EST; this was actually the third push above the extension for the day, but the first two did not present set-ups. Price narrowed in range but stayed above the Fibonacci extension, and the 2:15 bar formed a narrow-range, inside bar that was somewhat "hammer-like". I entered on a break of that bar's high, and sold at the end of the day.

FYI - there are usually some great trades posted in "Comments" - check out the past few days.

Vic, if you look at the chart the first two times that price pushed above the Fib extension, it went back down on the next bar. Price never even took out the high of the previous bar, much less give any kind of "set-up" like the trade X took.

DISCLAIMER - I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES; I JUST POST MY THOUGHTS, TRADES, AND OPINIONS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS. ALL CHARTS ARE COURTESY OF REALTICK. ALL TIMES INDICATED ARE NY (EST).